Offshore Crane Market
Overview and Scope
The offshore crane refers to a lifting device mounted on a pedestal for transferring materials and personnel from and to ships, barges, and structures. Offshore cranes are mostly used in heavy-lift applications, shipboard operations, production, and drilling operations.
Sizing and Forecast
The offshore crane market size has grown strongly in recent years. It will grow from $23.93 billion in 2023 to $26.25 billion in 2024 at a compound annual growth rate (CAGR) of 9.7%. The growth in the historic period can be attributed to growth in offshore oil and gas exploration, increasing offshore wind energy projects, deepwater exploration and production, demand for efficient material handling, safety and automation requirements, global expansion of offshore drilling operations..
The offshore crane market size is expected to see strong growth in the next few years. It will grow to $36.98 billion in 2028 at a compound annual growth rate (CAGR) of 8.9%. The growth in the forecast period can be attributed to focus on environmental sustainability, demand for compact and lightweight solutions, increased investment in offshore infrastructure, global oil and gas demand, adoption of hybrid crane systems. Major trends in the forecast period include advancements in crane technology, autonomous and remote-controlled cranes, lifecycle services and maintenance contracts, global market expansion, integration of condition monitoring systems, customization and project-specific solutions..
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Segmentation & Regional Insights
The offshore crane market covered in this report is segmented –
1) By Type: Board offshore cranes, Knuckle Boom Crane, Telescopic Boom Crane, Lattice Boom Crane, Luffing Crane, Other Types
2) By Lifting Capacity: 0 – 500 MT, 500 – 2,000 MT, 2,000 – 5,000 MT, Above 5,000 MT
3) By Application: Oil and Gas, Marine, Renewable Energy, Other Applications
Asia-Pacific was the largest region in the offshore crane market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the offshore crane market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The growing number of investments in offshore drilling projects is expected to propel the growth of the offshore crane market going forward. Offshore drilling refers to extracting petroleum and natural gas from oceanic reserves instead of from land-based reserves by using a platform that is mobile or fixed and located off the coast. Lifting and moving containers, drilling machinery, and sections of pipe is the main duty of an offshore crane. For instance, in March 2022, according to Offshore Energy, a platform that connects communities, a UAE player, Abu Dhabi National Oil Company (ADNOC), is investing in drilling growth with $658 million in new awards. ADNOC’s onshore and offshore fields are covered by these awards. Therefore, the growing number of investments in offshore drilling projects is driving the growth of the offshore crane market.
Key Industry Players
Major companies operating in the offshore crane market report are Palfinger AG, Cargotec Oyj, The Liebherr Group, Konecranes Oyj, Kenz Figee Group BV, Heila Group, NOV Inc., Zoomlion Heavy Industry Science and Technology Company Limited, Seatrax Inc., Xuzhou Construction Machinery Group Co. Ltd., American Crane Corporation, MELCAL SpA, PLM Cranes BV, Sormec SRL, Huisman Equipment B.V., Sparrows Offshore Group Limited, The Manitowoc Company Inc., Zhenhua Heavy Industries Co.Ltd., SANY Heavy Equipment Co.Ltd., Tadano Ltd., DMW Marine Group LLC, Allied Systems Company, HS.MARINE SRL, EK Marine Ltd., Appleton Marine Inc., North Pacific Crane Company, Thistle Marine Ltd., Dongnam Marine Crane Co. Ltd., OUCO Industry Co. Ltd., Cormach S.r.l., SKK Corporation, Effer S.p.A., Fassi Gru S.p.A., Hiab AB, Hyva Group
The offshore crane market report table of contents includes:
1. Executive Summary
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